Warpath  

Home | Forums | Salary Cap Info | Shop | Donate | Stay Connected




Go Back   Warpath > Off-Topic Discussion > Parking Lot


Any Mortgage Loan Officers/Brokers here?

Parking Lot


Reply
 
LinkBack Thread Tools Display Modes
Old 01-22-2007, 11:48 AM   #1
Pro Bowl
 
Beemnseven's Avatar
 
Join Date: Feb 2004
Location: Virginia Beach
Age: 40
Posts: 5,293
Any Mortgage Loan Officers/Brokers here?

I've been toying with the idea of getting into the mortgage business. Are there any members who do this in Virginia? Can you give me an idea of the licensing requirements and what the structure is like for generating leads? Are there any fees that are associated?

I'm in real estate now and getting tired of it.

Just trying to get some ideas from those in the business.
Beemnseven is offline   Reply With Quote

Advertisements
Old 01-22-2007, 12:04 PM   #2
The Starter
 
redsk1's Avatar
 
Join Date: Oct 2004
Posts: 2,351
Re: Any Mortgage Loan Officers/Brokers here?

I am a mortgage banker in VA. This is my 6th year in the business. I really like the mortgage business but it's very competitive and can be very cutthroat. In general, their are no licensing reqt's (kind of scary) and you will be 100% commission (but you are most likely used to that).

As far as leads are concerned every LO does it differently so you will have to determine your best way: realtors, networking groups, friends/family, advertising, purchasing leads, and so on. Be prepared to invest in yourself and your business, b/c you are basically self employed. This is of course, if your company doesn't provide you leads.

You can do well in the mortgage business, just don't believe it when some tell you it's easy and you can make a ton of $ in your first couple of years. Some can, but for the most part its a struggle to survive. It takes alot of hard work and patience but it can be done. Hope this helps.
redsk1 is offline   Reply With Quote
Old 01-22-2007, 12:06 PM   #3
Fight for old DC!
 
Redskins_P's Avatar
 
Join Date: Feb 2004
Location: Falls Church, VA
Age: 36
Posts: 4,086
Re: Any Mortgage Loan Officers/Brokers here?

Beem, I work for a mortgage company in Tysons Corner. I'm not a LO, but I do work closely with them. I'm in the marketing dept.

As for leads, it depends. There are two types of Loan officers....Wholesale and Retail. Wholesale LO's get their leads from other brokers, while Retail LO's work w/ RE agents get their leads thru them/word of mouth.

If you don't want to pay for your marketing, the best way to go is Wholesale. Most companies provide you w/ your marketing and they can help you create flyers, etc.

Let me know if you have anymore questions...
Redskins_P is offline   Reply With Quote
Old 01-22-2007, 12:07 PM   #4
Fight for old DC!
 
Redskins_P's Avatar
 
Join Date: Feb 2004
Location: Falls Church, VA
Age: 36
Posts: 4,086
Re: Any Mortgage Loan Officers/Brokers here?

As for the Licensing....you have to pass a test for certain States to get licensed.....
Redskins_P is offline   Reply With Quote
Old 01-22-2007, 01:10 PM   #5
Pro Bowl
 
Beemnseven's Avatar
 
Join Date: Feb 2004
Location: Virginia Beach
Age: 40
Posts: 5,293
Re: Any Mortgage Loan Officers/Brokers here?

Cool guys, thanks for the info.

Redsk1, I know what you're talking about as far as being your own employer-running your own business. That's where the real estate field and mortgages are similar -- I assume you're considered an independent contractor? Doing your own marketing, that sort of thing -- I feel like I'm pretty prepared for that.

Redskins_P: By wholesale and retail, is that the same as the difference between working as a broker and working as the lender directly? As I understand it, the brokers go to other lending institutions -- banks, Wells Fargo, Citi -- they act as sort of a middle man, and there are generally more fees involved that are charged to the buyer on the HUD. Whereas the mortgage loan officers who work for the large lending institutions themselves are actually the direct source. Have I got that right?

It just seems like there would be more overall volume in sales with mortgages, i.e., the client that you performed for with the original loan ideally will come back to you to refinance -- almost like a "double dip" so to speak. Real estate agents only get repeat customers when they decide to move. There's also a slew of fees for realtors -- NAR dues, MLS fees, key pad fees...

That, in addition to the fact that you don't have to drive all over creation for the right mortgage the way you have to do that to find just the right house for your clients seems like a huge headache to avoid.
Beemnseven is offline   Reply With Quote
Old 01-22-2007, 01:40 PM   #6
Fight for old DC!
 
Redskins_P's Avatar
 
Join Date: Feb 2004
Location: Falls Church, VA
Age: 36
Posts: 4,086
Re: Any Mortgage Loan Officers/Brokers here?

Quote:
Originally Posted by Beemnseven View Post
Cool guys, thanks for the info.

Redskins_P: By wholesale and retail, is that the same as the difference between working as a broker and working as the lender directly? As I understand it, the brokers go to other lending institutions -- banks, Wells Fargo, Citi -- they act as sort of a middle man, and there are generally more fees involved that are charged to the buyer on the HUD. Whereas the mortgage loan officers who work for the large lending institutions themselves are actually the direct source. Have I got that right?.
Correct.
Redskins_P is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 09:09 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
This site is not officially affiliated with the Washington Redskins or the NFL.
Page generated in 0.18375 seconds with 9 queries

Search Engine Friendly URLs by vBSEO 3.2.0 RC5

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25